GST Council increases composition scheme threshold; Revisits rates for certain commodities

16th GST Council meeting concludes, annual turnover threshold for purpose of availing composition scheme increased to Rs. 75 lakhs from Rs. 50 lakhs for traders, manufacturers and restaurants; GST Council also approves Accounts & Records Rules; FM Arun Jaitley states that out of the 133 representations from industry for reconsideration, GST Council has reduced the tax levels in 66 cases so as to maintain equivalence and also keeping in mind the change in utilization behav...